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The Power of Creative Destruction

The Power of Creative Destruction

Economic Upheaval and the Wealth of Nations

Philippe Aghion, Céline Antonin, Simon Bunel

Translated by Jodie Cohen-Tanugi

ISBN 9780674292093

Publication date: 03/07/2023

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Hayek Book Prize Finalist
An Economist Best Book of the Year
A Foreign Affairs Best Book of the Year
A Financial Times Summer Reading Favorite

“Sweeping, authoritative and—for the times—strikingly upbeat…The overall argument is compelling and…it carries a trace of Schumpeterian subversion.”
The Economist

“[An] important book…Lucid, empirically grounded, wide-ranging, and well-argued.”
—Martin Wolf, Financial Times

“Offers…much needed insight into the sources of economic growth and the kinds of policies that will promote it…All in Washington would do well to read this volume carefully.”
—Milton Ezrati, Forbes

Inequality is on the rise, growth stagnant, the environment in crisis. Covid seems to have exposed every crack in the system. We hear calls for radical change, but the answer is not to junk our economic system but to create a better form of capitalism.

An ambitious reappraisal of the foundations of economic success that shows a fair and prosperous future is ours to make, The Power of Creative Destruction draws on cutting-edge theory and hard evidence to examine today’s most fundamental economic questions: what powers growth, competition, globalization, and middle-income traps; the roots of inequality and climate change; the impact of technology; and how to recover from economic shocks. We owe our modern standard of living to innovations enabled by free-market capitalism, it argues, but we also need state intervention—with checks and balances—to foster economic creativity, manage social disruption, and ensure that yesterday’s superstar innovators don’t pull the ladder up after them.

Praise

  • Sweeping, authoritative and—for the times—strikingly upbeat…The overall argument is compelling and, with creative destruction falling out of political favor, it carries a trace of Schumpeterian subversion.

    —The Economist

Authors

  • Philippe Aghion is Professor at the Collège de France, INSEAD, and the London School of Economics and was previously Professor of Economics at Harvard. He is coauthor, with Peter Howitt, of Endogenous Growth Theory and The Economics of Growth.
  • Céline Antonin is Senior Researcher at OFCE, the French Economic Observatory at Sciences Po in Paris, and Research Associate in the Innovation Lab at the Collège de France.
  • Simon Bunel is Senior Economist at INSEE, the French National Institute of Statistics and Economic Studies, and at the Bank of France. He is also Research Associate in the Innovation Lab at the Collège de France.

Book Details

  • 400 pages
  • 6-1/8 x 9-1/4 inches
  • Belknap Press

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